Business
High expectations as petrol price may drop to N800/litre
High expectations as petrol price may drop to N800/litre
The downstream oil sector in Nigeria is witnessing intensified competition as major oil marketers slash prices, challenging the N825 per litre gantry loading cost set by the Dangote Petroleum Refinery.
This move follows revelations by industry players that the landing cost of imported Premium Motor Spirit (PMS) has dropped to N774.72 per litre, reflecting a N50.28 reduction from Dangote’s loading price. The landing cost factors in expenses such as shipping, import duties, and exchange rates, contributing to the overall decline.
Dealers suggest that the ongoing price drop could soon lead to a reduction in pump prices to around N800 per litre, offering some relief to consumers already grappling with high fuel costs.
The situation, according to industry stakeholders, has ignited a price war, with retail marketers now opting to dump the refinery products for imported products on the basis of lower pricing.
Findings by this newspaper also revealed that this decrease in landing cost is expected to influence the price at which petrol is sold to consumers and could increase marketers’ interest in returning to petrol imports.
“Crude oil is a major component in the production of fuel, so a further reduction in its price would definitely warrant a drop in petrol price, and it is possible to drop to N800 per litre,” the National Publicity Secretary of the Independent Marketers Association of Nigeria, Chief Ukadike Chinedu, stated.
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Recall that last Monday, NNPC dropped its retail petrol price to N860 and N880 per litre from N945 and N965 in Lagos and Abuja, respectively.
NNPC’s petrol price drop followed Dangote refinery’s retail fuel price reduction to N860 and N880 per litre across its retail partners.
The refinery, in its second price reduction in the new year and the third one in a space of two months, reduced its ex-depot petrol price from N890 to N825 per litre to the delight of Nigerians.
But the reduction by NNPC, the country’s largest fuel supplier, sparked a wave of competitive pricing among private marketers seeking to capture the market share in an environment where consumers are highly sensitive to price fluctuations.
The pain of the price reduction was more significant for petrol importers as they lost an average of N2.5bn daily and N75bn monthly due to the PMS price reduction.
But in a swift business survival strategy, these marketers have now secured fresh products at a cheaper cost that is now detrimental to the operations of the refinery.
According to the latest competency centre daily energy data released by the Major Energies Marketers Association of Nigeria and obtained by our correspondent on Tuesday, the on-spot estimated import parity into tanks has reduced to N774.82 per litre, a reduction of N152.56 or 16.5 per cent from the N927.48 per litre quoted on February 21, 2025 (the last energy data on petrol).
The average cost for 30 days also dropped to N864.92 per litre, while on-the-spot sale at the NPSC terminal was N927.53.
The document also noted that the price of Brent crude was benchmarked at $70.36 per barrel, down from $76.48 per barrel quoted on February 21, with an exchange rate of N1,517.24 per dollar. This price was calculated based on 38,000 metric tonnes by the marketers.
This cost is viewed as an improvement for importers, providing private depot owners and independent marketers with an alternative route to profitability and the opportunity to source cheaper products
Further checks by our correspondent revealed that private depots have effected a price change lower than marketers off taking products from the refinery.
An analysis showed that AA RANO depot has reduced its loading cost to N830 per litre, MENJ Depot now sells at N830, MRS TINCAN sold its products at N830, WOSBAB gave its customers a price estimate of N832, AITEO gave a price of N832 and RAINOIL depot sold its products at N831 per litre.
While marketers that bought two million litres from the Dangote refinery at N825 are selling at N835 per litre, indicating an N1 profit and N4 less than the price offered by private depots.
High expectations as petrol price may drop to N800/litre
(Punch)
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FRSC hands over Safeline Bank to ROBOPAY, targets digital financial transformation
FRSC hands over Safeline Bank to ROBOPAY, targets digital financial transformation
The Federal Road Safety Corps (FRSC) has handed over ownership of Safeline Microfinance Bank to ROBOPAY NIG. LTD., paving the way for a major recapitalisation and technology-driven transformation of the financial institution.
The divestment, which took place on Monday, October 5, 2026, at the bank’s premises in Abuja, is expected to reposition Safeline Microfinance Bank for stronger competitiveness, improved service delivery and sustainable growth in Nigeria’s rapidly evolving financial services sector.
The development, according to a statement by the Corps Public Education Officer, Osondu Ohaeri, is part of the strategic efforts under the leadership of the Corps Marshal, Shehu Mohammed, to reposition the institution for greater efficiency and competitiveness.
Safeline Microfinance Bank was established by the FRSC to provide financial services and opportunities to members of the Corps and other stakeholders.
Speaking at the handover ceremony, Chairman of the Board of Safeline Microfinance Bank, Ibrahim Babagana, a Deputy Corps Marshal (Rtd.), said the decision to divest the bank followed a careful assessment of the prevailing regulatory environment and emerging government policies affecting the microfinance banking industry.
Babagana said sustaining the bank under the changing financial landscape would require substantial additional capital, greater investment in technology and enhanced human capital.
He explained that the Board therefore resolved to transfer ownership to an investor with the capacity, resources and commitment to make the required investments and place the bank on a sustainable growth trajectory.
The former FRSC chief expressed confidence in ROBOPAY, saying the company had demonstrated the competence, commitment and vision required to build on the foundation established by the Corps and take Safeline Microfinance Bank to a new level.
He identified strengthening the bank’s capital base, deploying modern technology and investing in human resources as critical priorities for its survival and competitiveness in the increasingly digital financial services market.
Responding on behalf of ROBOPAY NIG. LTD, Malam Aliyu Abiodun thanked the Board and management of Safeline Microfinance Bank for the confidence reposed in the company, describing the acquisition as a significant milestone and an opportunity to unlock the institution’s considerable potential.
Abiodun said the bank already had valuable assets, structures and an institutional foundation which the new owners would build upon through strategic investments in financial technology, capital and human resources.
He said ROBOPAY would deploy FinTech solutions to modernise the bank’s operations, improve customer experience, expand its service offerings and strengthen its competitive position within Nigeria’s financial services industry.
According to him, the new ownership would retain and leverage the institutional foundation created by the FRSC while introducing innovative technology-driven solutions capable of opening new growth opportunities for the bank.
The transaction thus signals more than a change in ownership, as it ushers Safeline Microfinance Bank into a new phase anchored on recapitalisation, digital innovation and professionalised financial services.
Both parties expressed commitment to ensuring a seamless transition, with the ultimate objective of building a stronger, more competitive and sustainable institution capable of delivering greater value to its customers and stakeholders.

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Business
Tantita Operations Push Oil Export Earnings to $9.39bn in Q2
Tantita Operations Push Oil Export Earnings to $9.39bn in Q2
Nigeria’s crude oil export earnings rose to $9.39 billion in the second quarter of 2026, with improved pipeline security, higher production and greater stability in the Niger Delta supporting the stronger performance.
Provisional Balance of Payments (BOP) data showed that Nigeria’s total goods exports increased to $20.08 billion in Q2, up from $15.56 billion in the first quarter.
Crude oil exports increased by 15.78 per cent to $9.39 billion, while natural gas exports climbed by 40.15 per cent to $3.63 billion.
The improvement has renewed attention on the role of pipeline security in protecting Nigeria’s oil production and ensuring that crude reaches evacuation points and export terminals.
Among the companies involved in pipeline surveillance in the Niger Delta is Tantita Security Services Nigeria Limited (TSSNL), which was engaged by the Federal Government to protect oil pipelines and other critical petroleum infrastructure.
Tantita’s operations, carried out alongside government security agencies, have focused on tackling oil theft, illegal bunkering and pipeline vandalism and improving the security of facilities used to transport crude oil.
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Industry stakeholders have linked the improved operating environment in the Niger Delta to increased crude production and stronger export performance. However, the rise in export earnings cannot be attributed to Tantita alone, as production volumes, international oil prices, investments, operational efficiency and wider government measures also influence export receipts.
The broader export figures also showed significant improvements across other sectors of the petroleum industry.
Refined petroleum product exports increased by 66.24 per cent to $3.94 billion, while non-oil exports rose by 25.30 per cent to $3.12 billion during the quarter.
At the same time, Nigeria’s crude oil imports fell sharply from $1.39 billion in Q1 to $580 million in Q2, further strengthening the country’s external position.
The stronger export performance helped push Nigeria’s current account surplus to $7.54 billion, representing a 67.93 per cent increase from the $4.49 billion recorded in Q1. The figure was also higher than the $5.17 billion recorded in Q2 2025.
The increase in the current account surplus was driven largely by higher export earnings and an improved goods account.
The rise in crude earnings also coincided with stronger production, with Nigerian crude output reaching about 1.56 million barrels per day in June 2026, excluding condensates.
The development is significant for Nigeria, which has struggled in recent years to consistently meet its production potential because of crude oil theft, pipeline vandalism, ageing infrastructure and underinvestment in the upstream sector.
Improving security around oil-producing assets has therefore become a key part of efforts to raise output and increase foreign-exchange earnings.
Tantita, led by High Chief Government Oweizide Ekpemupolo, popularly known as Tompolo, has been at the centre of the Federal Government’s pipeline surveillance arrangement in the Niger Delta.
Stakeholders, however, say sustained growth in oil earnings will require more than surveillance operations. They have called for continued investment in exploration and field development, improved infrastructure, enhanced recovery from mature fields and faster development of major deepwater projects.
The Federal Government has also been pursuing measures aimed at attracting fresh investment into Nigeria’s upstream sector, including fiscal incentives for deepwater oil and gas projects.
For Nigeria, the latest export figures offer a boost at a time when the country is seeking stronger foreign-exchange inflows, increased oil production and greater fiscal revenues.
The challenge now is to sustain the improvement by keeping petroleum infrastructure secure, reducing crude losses and ensuring that higher production translates into consistent export earnings and broader economic benefits.
Tantita Operations Push Oil Export Earnings to $9.39bn in Q2
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Business
Dangote Sets 40-Month Deadline for $16bn East Africa Refinery in Kenya
Dangote Sets 40-Month Deadline for $16bn East Africa Refinery in Kenya
Nigerian industrialist Aliko Dangote has set a 40-month completion target for his planned $16 billion East Africa refinery in Lamu, Kenya, following the official groundbreaking of the project.
Dangote and Kenyan President William Ruto broke ground for the 700,000-barrel-per-day (bpd) refinery on Wednesday, September 30, 2026, with the facility designed to supply refined petroleum products to Kenya and other countries across the region.
Dangote said the refinery would be commissioned within 40 months.
“We will come back here and commission this refinery in 40 months from today,” he said at the ceremony.
The Dangote East Africa Petroleum Refinery and Petrochemicals Complex is expected to process about 700,000 barrels of crude oil daily, making it one of the largest refining projects in Africa and, when completed, potentially the world’s largest single-train refinery.
The project is expected to produce petrol, diesel, jet fuel, polypropylene and base oil, with the products targeted at Kenya and wider East African markets. Dangote has also said part of the refinery’s jet-fuel output could be supplied to Europe and the United Kingdom.
The facility will also include a planned 1,000-megawatt power plant, which Dangote said would provide electricity for the wider industrial complex.
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Beyond refining, the billionaire said the project would create an industrial ecosystem covering petrochemicals, logistics, engineering, marine services, manufacturing, technology and small and medium-sized enterprises.
Dangote also announced plans for a training school that would prepare 1,000 Kenyan engineering graduates for opportunities associated with the project. The wider development is expected to generate thousands of jobs across the refinery and related industries.
The project has attracted major international engineering and technology partners, with Honeywell Technologies providing process technologies, licensing, engineering services, catalysts, equipment and digital solutions.
The use of established designs and experience from Dangote’s Nigerian refinery is expected to shorten the development schedule compared with a typical new refinery.
Engineers India Limited is also involved in the project under a major engineering and project-management contract.
Dangote’s Kenyan project is modelled partly on the experience of his 650,000-bpd refinery in Lagos, with the new facility expected to draw on technology and engineering experience gained from the Nigerian plant.
The refinery is expected to source crude from Uganda and other African producers, while serving a market extending beyond Kenya to countries including Uganda, Rwanda, Tanzania, Ethiopia and South Sudan.
Regional leaders who attended the groundbreaking included Ugandan President Yoweri Museveni and Ethiopian Prime Minister Abiy Ahmed, alongside other African leaders and former Nigerian President Olusegun Obasanjo.
President Ruto described the project as an investment in energy security, industrialisation and regional integration, while stressing the importance of ensuring that Kenyan citizens benefit from the employment and training opportunities created by the refinery.
Dangote has also proposed allowing governments in the region to take a combined 30 per cent stake in the refinery, potentially giving participating countries an opportunity to benefit financially from the project.
However, the project faces a legal challenge over the land on which it is being developed. A Kenyan court ordered parties to maintain the status quo over a disputed parcel in Lamu after residents challenged the development, citing ancestral land claims and other concerns.
Environmental concerns have also been raised over the potential impact of the project on the coastal ecosystem and the wider Lamu area.
Despite the legal and environmental issues, Dangote has said the project will proceed.
Once completed, the $16 billion Kenya refinery is expected to increase refining capacity in East Africa, reduce dependence on imported petroleum products and support the region’s broader industrialisation drive.
Dangote Sets 40-Month Deadline for $16bn East Africa Refinery in Kenya
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